Before the establishment of modern banks, people stored their money in kitchen pots and 'pig jars'. The concept of banking as we know it began in Italy during the medieval and early renaissance periods. The term 'bank' itself is derived from the Italian word 'branco'. Some of the oldest banks in the world, founded during this era, have been in continuous operation for several centuries, showcasing their resilience and adaptability over time. Banca Monte dei Paschi di Siena, founded in 1472 in Siena, Italy, is the oldest surviving bank in the world. Initially created to offer loans to the needy, it expanded its operations throughout Italy after unification. Despite facing significant challenges, especially after the 2008 financial crisis, it remains the fourth largest commercial and retail bank in Italy. Similarly, Berenberg Bank, established in 1590 in Hamburg by Dutch Protestant brothers Hans and Paul Berenberg, is the world's oldest merchant bank and remains partly owned by the founders' descendants. Sveriges Riksbank, founded in 1668, is the world's oldest central bank. It was established to control the money supply and print the national currency, a task previously mishandled by the king. C. Hoare & Co., founded in 1692 in London, is the oldest bank in the UK and has survived significant historical events, including a fire during WWII. Bankhaus Metzler, founded in 1674 in Frankfurt, transitioned from a trading business to a bank and remains partly family-owned. These banks have demonstrated remarkable resilience and adaptability, thriving through centuries of change in the financial world.
  • Articles
  • The World's Oldest Banks: A Journey Through Time
1 / 3

The World's Oldest Banks: A Journey Through Time

Before the establishment of modern banks, people stored their money in kitchen pots and 'pig jars'. The concept of banking as we know it began in Italy during the medieval and early renaissance periods. The term 'bank' itself is derived from the Italian word 'branco'. Some of the oldest banks in the world, founded during this era, have been in continuous operation for several centuries, showcasing their resilience and adaptability over time.

Back
FAQAbout PeraWise
Privacy PolicyTerms of Service